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The CEO of Mintable, Zach Burks, has voiced concerns regarding the United Kingdom&#39;s approach to regulating non-fungible tokens (NFTs). According to Burks, the UK government&#39;s understanding of NFTs lags behind their evolving nature and utility.In an interview with Cointelegraph, Burks criticized a recent report from a UK parliamentary committee, asserting that it exaggerates NFTs&#39; role in copyright infringement while failing to acknowledge their diverse applications beyond being digital images with volatile values.Burks emphasized that NFTs are undergoing a transition, moving beyond the speculative phase of profile picture (PFP) collections. They are increasingly finding utility in various sectors, with brands implementing NFTs for a wide range of purposes.The Culture, Media, and Sport Committee&#39;s report from October 11 urged government action to protect artists and creators from NFT-related copyright infringement. Burks acknowledged the importance of copyright protection and intellectual property rights, highlighting Mintable&#39;s own IP protection algorithm to combat plagiarism on its platform. However, he argued that these issues are not exclusive to NFTs and are inherent to the broader internet landscape.Burks pointed out that platforms like WordPress, YouTube, and Spotify also face copyright infringement challenges, and major companies like Google are working to address these issues. He stressed that the problem predates the rise of NFTs and is not unique to the technology.Burks, who maintains regular correspondence with UK government officials on NFT matters, urged regulators to adopt a more nuanced view of NFTs. He emphasized that NFTs have diverse applications, including car and property records, banking documents, supply chain management, and more. NFTs are not merely digital art or financial instruments but represent a broader technological concept.Burks drew an analogy to websites, suggesting that the regulatory framework should depend on the specific use of NFTs. If an NFT is used for book sales, it should be governed by book-selling laws, just as selling drugs on a website would be subject to existing laws.In Burks&#39; view, NFTs are versatile and can serve various functions. Categorizing them solely as pieces of digital art could hinder the technology&#39;s true potential. He expressed concerns about the committee&#39;s suggestion to implement the EU 17 copyright directive on NFTs, as it might oversimplify the regulation of a complex technology.Burks proposed that the UK government should take inspiration from Singapore, where regulators assess NFTs based on their specific use cases. By understanding what an NFT represents and how it is utilized, regulators can apply appropriate regulations, whether it involves securities or illicit activities like drug sales.Ultimately, Burks advocates for a more flexible and nuanced approach to regulating NFTs, acknowledging their diverse functions and potential beyond digital art and collectibles. That concludes today’s WedNewsDay, we hope you all had fun reading it! Keep an eye out for WedNewsDay the following week and don’t forget to follow us on social media. Thank you!Follow us on:Website | <a href="https://werentnft.io/" rel="noopener noreferrer nofollow">https://werentnft.io/</a>Instagram | <a href="https://www.instagram.com/werent_nft/" rel="noopener noreferrer nofollow">https://www.instagram.com/werent_nft/</a>Twitter |<a href="https://twitter.com/WebuyOfficial" rel="noopener noreferrer nofollow"> </a><a href="https://twitter.com/WerentOfficial" rel="noopener noreferrer nofollow">https://twitter.com/WerentOfficial</a>Medium |<a href="https://medium.com/&#64;webuynft" rel="noopener noreferrer nofollow"> </a><a href="https://medium.com/&#64;werentnft" rel="noopener noreferrer nofollow">https://medium.com/&#64;werentnft</a>Facebook | <a href="https://www.facebook.com/werentnft" rel="noopener noreferrer nofollow">https://www.facebook.com/werentnft</a>Youtube | <a href="https://www.youtube.com/&#64;WeRentNFT" rel="noopener noreferrer nofollow">https://www.youtube.com/&#64;WeRentNFT</a>

WEDNEWSDAY! UK risks regulating NFTs the wrong way, says Mintable CEO!

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